Novelis' Forward-Looking IVUS technology platform expected to enable
Volcano to offer an expanded line of minimally invasive diagnostic and

therapeutic devices

SAN DIEGO, May 19 /PRNewswire-FirstCall/ -- Volcano Corporation
(Nasdaq: VOLC), a provider of intravascular ultrasound (IVUS), functional
measurement (FM) and Optical Coherence Tomography (OCT) products designed
to enhance the diagnosis and treatment of coronary and peripheral vascular
disease, said today that it has acquired Novelis, Inc., a privately-held
company with proprietary ultrasonic visualization and therapy technology
for minimally invasive diagnostic and therapeutic devices.

Novelis' proprietary Forward-Looking IVUS technology platform is
expected to build upon Volcano's existing suite of products and further
enhance Volcano's position as an imaging technology leader in the field of
interventional medicine by enabling forward-looking IVUS and associated
therapies in the interventional cardiology market. Volcano expects to add
the Novelis products and capability onto its s5i multi-modality integrated
platform/hub.

Novelis' core product line is based on Forward-Looking Intravascular
Ultrasound (FLIVUS) technology. The product line includes an image-guided
crossing catheter that combines visualization, steerability and RF tissue
ablation, which is designed to permit Interventional Cardiologists to
safely cross chronic total occlusions ("CTO") in the coronary and
peripheral arteries, and a forward-looking IVUS catheter (imaging-only
version) to facilitate current guidewire-based CTO crossing techniques as
well as other potential product offerings with possible applications
outside of vascular medicine. This platform technology may have
applications for numerous minimally invasive procedures including plaque
modification in the coronary or peripheral arteries, guidance in structural
heart procedures, including cardiac ablation guidance and therapy, breast
biopsy guidance and therapy, and orthopedic (spine) guidance and therapy.

Under the terms of the agreement, Volcano paid approximately $12
million in cash at closing. In addition, Volcano may make an additional
cash payment of $3 million based on the achievement of a specific
regulatory milestone.

"As was the case with our acquisition of CardioSpectra's OCT business,
the Novelis offering represents a highly complementary technology to our
IVUS offering. By adding new modalities, we will leverage the Volcano
integrated imaging suite provided by our s5i integrated platform and expect
to drive installed-base growth and per-procedure utilization as we address
sizeable therapy markets that are estimated to be in the hundreds of
millions of dollars," said Scott Huennekens, president and chief executive
officer of Volcano.

"Novelis' proprietary technology has potential applications for a
number of minimally invasive diagnostic and therapeutic applications in the
coronary and peripheral arteries, including the treatment of CTOs. It is
estimated there are currently over 200,000 CTOs performed in the U.S.,
Europe and Japan each year. These procedures, which remain one of the most
challenging issues faced by interventionalists today, often fail or take
hours to successfully complete due to inadequate visualization.
Furthermore, due to the lack of adequate tools for CTO crossing, many
interventionalists simply refer patients with CTOs to highly invasive and
costly coronary artery bypass grafting (CABG) procedures. The products
under development by Novelis have the potential to shorten procedure times
and minimize complications plus dramatically add to the total number of
procedures being performed -- enabling patients with CTOs to be treated in
the cath lab rather than in the surgery suite. At the estimated procedure
volume of over 200,000 cases per year -- and factoring in the potential for
market expansion -- the total market potential for Novelis' CTO products is
estimated at over $500 million," he added.

"We believe the regulatory path is fairly straightforward in all major
geographies and that this offering will leverage our strong presence in the
cath lab through our sales and distribution programs. Given our sales
team's role as advisor to interventionalists in ultrasound image
interpretation, we believe this is an absolutely perfect match with our
sales and marketing capabilities. We are also very excited to explore the
potential for this technology platform in other large expanding markets
like ablations for atrial fibrillation and spine therapy," Huennekens
concluded.

"CTOs continue to be a challenge for even the very experienced
interventionalist. Current angiographic tools are simply inadequate to
guide CTO crossing," commented Dr. Gary Mintz, M.D., Chief Medical Officer,
Cardiovascular Research Foundation, Medical Director and Editor-in-Chief,
TCTMD.com and advisor to Volcano. "The next step to improve success rates
will come in the form of intravascular image guided therapies such as this
truly unique 'forward looking' approach to CTO imaging," he added. "Many
technologies have been tried; but to date, none have been particularly
successful. Novelis is the first forward-looking technology that I have
seen that makes sense and seems to have a strong likelihood of providing a
viable solution for guiding CTO recanalization."

"Catheter-based treatment of chronic coronary total occlusion is one of
the remaining major clinical challenges in interventional cardiology,"
commented Dr. David Williams, MD, Professor of Medicine and Director of the
Cardiac Catheterization Laboratory and Interventional Cardiology at Rhode
Island Hospital and advisor to Novelis. "Currently, the lack of safe and
predictable treatment modalities results in most CTO patients being
referred to open-heart bypass surgery. I have performed pre-clinical work
with the Novelis device which, in my view, demonstrated clear
differentiation of coronary anatomy and sufficient ablative power necessary
to guide the Interventional Cardiologist safely through a CTO."

"We believe there is an excellent strategic fit between the Novelis
product candidates and Volcano's vision of the cath lab of the future,"
said Paul Magnin, Ph.D., CEO of Novelis. "I know I speak for all of the
Novelis employees when I say we are thrilled to be a part of this vision
and to have a role in the development of ultrasonic guidance technology
that makes a difference in patient's lives."

Novelis' offering consists of a forward-looking manually steered
imaging system comprised of a laptop-sized console with advanced custom
software and single-use catheters both with and without RF ablation. The
system and accessories are not approved for human use at this time and have
not been submitted to FDA for regulatory clearance.

The company expects to file for appropriate U.S. and international
approvals on the first of several devices during 2009 and begin
commercialization of a stand-alone imaging console in the second half of
2009 in the U.S. and Europe. Volcano expects a majority of the purchase
price to be written off immediately as in process research and development
and to incur ongoing development costs in the range of $300,000 to $400,000
per quarter.

The company will hold a conference call today, May 19, at 2 p.m.,
Pacific Daylight Time (5 p.m., Eastern Daylight Time) to discuss this
transaction. The teleconference can be accessed by calling (719) 325-4920,
passcode 4489101, or via the company's website at
http://www.volcanocorp.com. Please dial in or access the website 10-15
minutes prior to the beginning of the call. A replay of the conference call
will be available until May 28 at (719) 457-0820, passcode 4489101, and via
the company's website.

About Volcano

Volcano Corporation (Nasdaq: VOLC) offers a broad suite of devices
designed to facilitate endovascular procedures, enhance the diagnosis of
vascular and structural heart disease and guide optimal therapies. The
company's intravascular ultrasound (IVUS) product line includes ultrasound
consoles that can be integrated directly into virtually any modern cath
lab. Volcano IVUS offers unique features, including both single-use phased
array and rotational IVUS imaging catheters, and advanced functionality
options, such as VH(TM) tissue characterization and ChromaFlo(R). Volcano
also provides functional measurement (FM) consoles and single-use pressure
and flow guide wires and is developing a line of ultra-high resolution
Optical Coherence Tomography (OCT) systems and catheters. Currently, more
than 3,300 Volcano IVUS and FM systems are installed worldwide, with
approximately half of the revenues coming from outside the United States.
For more information, visit the company's website at
http://www.volcanocorp.com.

About Novelis

Novelis is creating a platform technology for forward visualization in
minimally invasive procedures. Its initial products are designed to enhance
the Interventional Cardiologist's ability to treat coronary chronic total
occlusions (CTOs) during minimally invasive procedures in the cardiac
catheterization laboratory. Chronic total occlusions -- complete blockages
of the coronary arteries -- remain one of the most challenging clinical
problems faced by Interventional Cardiologists. Current solutions for the
treatment of CTOs require the costly, cumbersome, and time consuming use of
a series of devices to treat these occlusions. As a consequence, most
patients with CTOs continue to be referred for the far more invasive and
expensive procedure -- coronary artery bypass grafting (CABG).

Novelis is developing a patented, guided CTO crossing catheter that
will provide visualization and therapy in a single, easy-to-use, handheld
device. By combining a sophisticated forward-looking imaging technology
with occlusion-crossing therapy, the guided CTO crossing catheter is
expected to allow clinicians to cross CTOs with a reduced risk of
complications such as vessel wall perforation and dissection. In addition,
Novelis expects to introduce an "imaging only" version of the catheter
which will be the first forward-looking intravascular ultrasonic (IVUS)
imaging catheter aimed at facilitating CTOs and other coronary
interventions. For more information, visit the company's website at
http://www.novelismedical.com.

Forward-Looking Statements

This news release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any
statements in this news release regarding the Novelis acquisition,
Volcano's business and technology, and Novelis' business and technology
that are not historical facts may be considered "forward-looking
statements," including statements regarding the Novelis acquisition, its
expected benefits to Volcano and Novelis, the complementary nature of each
company's technology and skill sets to the other, the expected market,
including its size, to be addressed by Volcano's products, and likely
developments in the medical treatment of CTOs, Volcano's long-term goals
from the Novelis acquisition, the milestone under the Novelis merger
agreement and whether it may be attained, the features of Novelis'
technology and its benefits and potential, and Novelis' expected timing for
filing for regulatory approvals and commercializing its products. Forward-
looking statements are based on management's current preliminary
expectations and are subject to risks and uncertainties, which may cause
Volcano's results to differ materially and adversely from the statements
contained here. Some of the potential risks and uncertainties that could
cause actual result to differ from the results predicted are detailed in
the company's annual report on Form 10-K, quarterly reports on Form 10-Q
and other filings made with the Securities and Exchange Commission. Undue
reliance should not be placed on forward-looking statements, which speak
only as of the date they are made. Volcano undertakes no obligation to
update any forward-looking statements to reflect new information, events or
circumstances after the date they were made, or to reflect the occurrence
of unanticipated events.

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